Despite a challenging healthcare atmosphere, the demand for new medical innovation is growing and the medical device market is expected to grow significantly over the next three years, according to a Manufacturing Group report.
Here are five things to know from the Global Market for Medical Devices report:
• The market is expected to grow 3 percent on average, which is slower than many in the industry would prefer
• The medical devices market is expected to reach $361 billion by the end of 2014.
• Manufacturing Group predicts the market will reach $427 billion in 2018.
• There are still many competitors in the market, although the largest companies are consolidating at a fast rate.
• Top companies, including Johnson & Johnson, GE, Siemens and Medtronic operate in several medical device categories.
• Hospitals remain a key customer for device companies
"It's a challenging market with mild growth for standard products, but there are opportunities for competitors that can innovate and there's been considerable amount of value placed on companies that are acquired," Publisher of Kalorama Information Bruce Carson said.
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